Finance Act, 2019, amended the provisions of the Income Tax Act, 1961, (Act) to empower the government to notify a new tax assessment scheme, whereby the proceedings will be conducted entirely in an electronic mode.
Avoidance of Tax by Certain Transactions in Securities- Section 94 of Income Tax Act,1961 A bond washing transaction is a transaction where some securities are sold some time before the due date of Interest and reacquired after the due date is over. This practice is generally adopted by persons in the higher income group to […]
Taxability of Capital Gains in case of Specified Agreements. {Section 45 (5A) of Income Tax Act} Taxation of Specified Agreements Pre Introduction of Sec.45 (5A): – Transfer: Includes any arrangement or transaction where any rights are handed over in execution of part performance of contract, even though the legal title has not been transferred. Applying […]
Section 80EEB deduction for interest on Loan for Purchase of Electric Vehicle- Section 80EEB as introduced by Finance Act, 2019. Q 1. Who is eligible to get benefit under Section 80EEB? Ans: An Individual who has taken a Loan for purchase of an Electrical Vehicle from any Financial Institution. Q 2. What is the benefit […]
Section 80EEA Deduction in respect of Interest paid on Loan Taken for Acquisition of Residential House Property (Affordable Housing) {Sec. 80EEA as introduced by Finance Act, 2019.} Q 1. Who is eligible to get benefit under this Section 80EEA? Ans: An Individual who has taken a Loan for acquisition of residential house property from any […]
TCS [TAX COLLECTION AT SOURCE] {Section 52 of CGST Act, 2017} Objective behind introduction of TCS: – refers to the Tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the Electronic Commerce Operator (ECO). Section […]
Section 51 of the CGST Act provides for deduction of tax at source under certain circumstances. This section also lists out the deductor’s who are mandated by the central Govt to deduct tax at source, the rate of tax deduction and the procedure for remittance of tax deducted.
E Way Bill is Mandatory in a case where the goods are being sent by a Principal located in one state to a Job worker located in any other state, the E Way Bill shall be generated by the principal irrespective of the value of the Consignment.
Discover the changes in tax rates of domestic companies for F.Y. 2019-20 and A.Y. 2020-21. Learn how Sections 115BAA and 115BAB are revolutionizing taxation.
Article explains Implications of GST on Real Estate Sector. It explains GST when Builder Purchases a Land and Constructs flats for the purpose of Sale, Joint Development Agreemen, Supply of Constructed Flats by Promoter to Land Owner, Supply of constructed Flat by Promoter to Outsiders, Amendments in GST in Real Estate Sector (w.e.f. 01-04-2019), Reverse […]
